ASIC reviews ratings agencies 14 September 2009 4:39PM Philip Bayley It is mostly likely a coincidence, but after reporting here last week the decision of a US District judge on the liability of the credit rating agencies in relation to their rating opinions, ASIC announced on Thursday a review of the use of credit ratings in disclosure documents without the CRA's consent. At present, class order relief exists allowing the use of ratings without the CRA's consent but ASIC now wants to find an appropriate balance between making credit ratings available to all retail investors, promoting the accountability of CRAs and giving CRA's better control over the use of their ratings. Without the benefit of the relief provided by this class order, those who consent to their statements being included in prospectuses and product disclosure documents are liable for the content of their statements. ASIC is seeking submissions on this issue by October 22, 2009.